Iowa Gasoline Prices Dip Below $2

Iowa Gasoline Prices Dip Below $2

DES MOINES – The price of retail gasoline in Iowa dropped $.04 this week, closing at $1.97 per gallon.

Crude Oil Summary

The price of global crude oil rose this week on the West Texas Intermediate (WTI) by $1.23 per barrel over last week, currently priced at $46.20. Brent crude oil rose $2.06, and it is currently priced at $54.77. One year ago, WTI crude sold for $61.63 and Brent crude was at $67.85.

Motor Fuels

As of Wednesday, January 2, the price of regular unleaded gasoline averaged $1.97 across Iowa according to AAA. This is $.04 lower than last week and $.44 lower than one year ago. The national average on Tuesday was $2.25, down $.05 from last week’s price.

Retail diesel fuel prices in Iowa were $.04 lower than last week’s price with a statewide average of $2.74. One year ago, diesel prices averaged $2.87 in Iowa. The current Iowa diesel price is $.24 less than the national average of $2.98.

Wholesale ethanol prices were $.02 higher than last week’s price, currently at $1.28.

The current Des Moines Terminal/Rack Prices are $1.33 for U87-E10, $1.45 for Unleaded 87 (clear), ULSD#2 is at $1.69, ULSD#1 is at $2.01, and E-70 is priced at $1.37 per gallon.

Heating Fuels

Propane prices were the same as last week for a statewide average of $1.33 per gallon. Home heating oil was down $.09 from last week’s figures, ending with a statewide average of $2.14. Natural Gas prices fell $.53 at the Henry Hub reporting site and currently priced at $2.91/MMbtu.

The Iowa Department of Agriculture and Land Stewardship’s mission is to provide leadership for all aspects of agriculture in Iowa, ensure consumer protection and promote the responsible use of our natural resources.